Will the Commissioner grant an extension to the two-year period to dispose of the Property?
Yes. Having considered your circumstances and the relevant factors, the Commissioner will allow an extension of time. Further information about this discretion can be found by searching QC 66057 on ato.gov.au This ruling applies for the following period : Year ending 30 June 20XX The scheme commences on: 1 July 20XX
Person A owned a property (the Property). The size of the Property is less than two hectares. They acquired the Property prior to 20 September 1985 and lived in the Property until they died Person A died many years ago. Person A's Will gave their child Person B a right to reside at the Property. This right ended on Person B's death last year. A letter was sent to the beneficiaries to request instructions for dealing with the Property. Approval to sell the Property was granted on a few months after the letter was sent. A contract of sale was prepared shortly afterwards. Instructions to sell were sent to the realtor. An auction date was set but was cancelled as a new contract needed to be issued. The new revised contract was issued, and the Property was listed for sale. The auction occurred and settlement occurred the following month.
Income Tax Assessment Act 1997 section 118-195(1)